BNP Paribas Securities Services has agreed to acquire Prime Fund Services (PFS), a provider of fund administration, custody and banking solutions for alternative investment managers, from Credit Suisse.
The move is part of BNP Paribas Securities Services’ strategy to develop its global fund administration franchise. It will look to on-board all of the PFS staff, it is understood.
The 40-year old business was acquired by Credit Suisse from Fortis in May 2011. Last week, Credit Suisse confirmed that Kevin Meehan had left the bank. Meehan was global head of prime service.
The transaction will result in a global fund administrator dedicated to alternative investment managers that will service over $231 billion of alternative assets and will be ideally positioned to support the convergence of traditional and alternative managers, says BNP Paribas. “Clients will benefit from an enhanced, full service offering that brings together PFS’ administration expertise in the alternative investment sector and BNP Paribas Securities Services’ extensive custody and depositary network, and global reach,” it adds.
PFS employs staff in Europe, Asia and the United States. The transaction is expected to close in the first half of 2015.
BNP Paribas Buys Credit Suisse’s Prime Fund Services Business
BNP Paribas Securities Services has agreed to acquire Prime Fund Services (PFS), a provider of fund administration, custody and banking solutions for alternative investment managers, from Credit Suisse.